Andy Filed a Fraudulent 2013 Tax Return on May 1,2014

question 57

Multiple Choice

Andy filed a fraudulent 2013 tax return on May 1,2014.The statute of limitations for IRS assessment on Andy's 2013 tax return should end:

• A)May 1^st,2016.
• B)April 15^th,2016.
• C)May 1^st,2017.
• D)April 15^th,2017.
• E)None of thesE.There is no statute of limitations for fraudulent tax returns.

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Definitions:

Market Value

The current price at which an asset can be bought or sold in a public market.

Cost Method

An accounting method used to value investments where the investment is recorded at purchase cost without recognizing interim income or loss.

Significant Influence

The power to participate in the financial and operating policy decisions of an investee, without control or joint control.

Common Shares

Equity securities that represent ownership in a corporation, providing voting rights and the potential for dividends.